Title 12 — Banks and Banking
Chapter 3 — Federal Reserve System
§ 221. Definitions
Statutory text
Wherever the word “bank” is used in this chapter, the word shall be held to include State bank, banking association, and trust company, except where national banks or Federal reserve banks are specifically referred to. For purposes of this chapter, a State bank includes any bank which is operating under the Code of Law for the District of Columbia.
The terms “national bank” and “national banking association” used in this chapter shall be held to be synonymous and interchangeable. The term “member bank” shall be held to mean any national bank, State bank, or bank or trust company which has become a member of one of the Federal reserve banks. The term “board” shall be held to mean Board of Governors of the Federal Reserve System; the term “district” shall be held to mean Federal reserve district; the term “reserve bank” shall be held to mean Federal reserve bank; the term “the continental United States” means the States of the United States and the District of Columbia.
The terms “bonds and notes of the United States”, “bonds and notes of the Government of the United States”, and “bonds or notes of the United States” used in this chapter shall be held to include certificates of indebtedness and Treasury bills issued under section 3104 of title 31.
Legislative history
Reconstructed from this section’s Code source credit and amendment notes, resolved against the local Statutes at Large. Editorial notes are evidence, not the law that made the change.
Pub. L. 63–6 § 1 · 38 Stat. 103
Enacted · 12 U.S.C. § 221
Dec. 23, 1913, ch. 6, § 1 (pars.), 38 Stat. 251
Source evidence
Code source credit
Dec. 23, 1913, ch. 6, § 1 (pars.), 38 Stat. 251Enacted provision · exact public law section
First. Shall be in writing;Alaska Omnibus Act
Pub. L. 86–70 § 8(a) · 73 Stat. 141
Inserted · 12 U.S.C. § 221
Pub. L. 86–70 inserted definition of “the continental United States”
Source evidence
Code amendment note
Pub. L. 86–70 inserted definition of “the continental United States”.Enacted provision · exact public law section
(a) Section 1 of the Federal Reserve Act, as amended (12 38 Stat. 251. U.S.C. 221), is further amended by deleting the period at the end of such section and inserting in lieu thereof the following: “; the term ‘the continental United States’ means the States of the United States and the District of Columbia.”Pub. L. 97–258 § 2(c) · 40 Stat. 290
Inserted · 12 U.S.C. § 221
Pub. L. 97–258 inserted provisions defining “bonds and notes of the United States”, “bonds and notes of the Government of the United States”, and “bonds or notes of the United States”. These provisions are based on acts Sept. 24, 1917, ch. 56, § 5(c), 40 Stat. 290; Apr. 4, 1918, ch. 44, § 4, 40 Stat. 504; Mar. 3, 1919, ch. 100, § 3, 40 Stat. 1311; restated June 17, 1929, ch. 26, 46 Stat. 20 (former 31 U.S.C. 754(c))
Source evidence
Code amendment note
Pub. L. 97–258 inserted provisions defining “bonds and notes of the United States”, “bonds and notes of the Government of the United States”, and “bonds or notes of the United States”. These provisions are based on acts Sept. 24, 1917, ch. 56, § 5(c), 40 Stat. 290; Apr. 4, 1918, ch. 44, § 4, 40 Stat. 504; Mar. 3, 1919, ch. 100, § 3, 40 Stat. 1311; restated June 17, 1929, ch. 26, 46 Stat. 20 (former 31 U.S.C. 754(c)).Pub. L. 109–351 title VII § 725(a)(1) · 120 Stat. 1966
Amended · 12 U.S.C. § 221
Pub. L. 109–351 and 109–356 amended section identically
Inserted · 12 U.S.C. § 221
Pub. L. 109–351 and 109–356 inserting “For purposes of this chapter, a State bank includes any bank which is operating under the Code of Law for the District of Columbia.” at end of first par
Source evidence
Code amendment note
Pub. L. 109–351 and 109–356 amended section identically, inserting “For purposes of this chapter, a State bank includes any bank which is operating under the Code of Law for the District of Columbia.” at end of first par.Enacted provision · exact public law section
(1) in the second undesignated paragraph of the first section (12 U.S.C. 221), by adding at the end the following: “For purposes of this Act, a State bank includes any bank which is operating under the Code of Law for the District of Columbia.”; and
4 of 5 references resolved to an enrolled provision · 1 partial
Editorial Notes
References in Text
This chapter, referred to in text, was in the original “this Act”, meaning act Dec. 23, 1913, ch. 6, 38 Stat. 251, known as the Federal Reserve Act. For complete classification of this Act to the Code, see References in Text note set out under section 226 of this title and Tables.
Codification
This section is comprised of the second to fourth pars. of section 1 of act . The first par. of section 1 is classified to section 226 of this title.
Amendments1959–2006 · 3 rounds
2006
Pub. L. 109–351 and 109–356 amended section identically, inserting “For purposes of this chapter, a State bank includes any bank which is operating under the Code of Law for the District of Columbia.” at end of first par.
1982
Pub. L. 97–258 inserted provisions defining “bonds and notes of the United States”, “bonds and notes of the Government of the United States”, and “bonds or notes of the United States”. These provisions are based on acts Sept. 24, 1917, ch. 56, § 5(c), 40 Stat. 290; Apr. 4, 1918, ch. 44, § 4, 40 Stat. 504; Mar. 3, 1919, ch. 100, § 3, 40 Stat. 1311; restated June 17, 1929, ch. 26, 46 Stat. 20 (former 31 U.S.C. 754(c)).
1959
Pub. L. 86–70 inserted definition of “the continental United States”.
Statutory Notes and Related Subsidiaries
Change of Name
Section 203(a) of act , changed name of Federal Reserve Board to Board of Governors of the Federal Reserve System.
Credits
1913–2006 · 6 acts
- 1913Dec. 23, 1913, ch. 6, § 1 (pars.), 38 Stat. 251
- 1935Aug. 23, 1935, ch. 614, title II, § 203(a), 49 Stat. 704
- 1959Pub. L. 86–70, § 8(a), , 73 Stat. 142
- 1982Pub. L. 97–258, § 2(c), , 96 Stat. 1058
- 2006Pub. L. 109–351, title VII, § 725(a)(1), , 120 Stat. 2001
- 2006Pub. L. 109–356, title I, § 123(a)(1), , 120 Stat. 2028.
Show as published
(Dec. 23, 1913, ch. 6, § 1 (pars.), 38 Stat. 251; Aug. 23, 1935, ch. 614, title II, § 203(a), 49 Stat. 704; Pub. L. 86–70, § 8(a), , 73 Stat. 142; Pub. L. 97–258, § 2(c), , 96 Stat. 1058; Pub. L. 109–351, title VII, § 725(a)(1), , 120 Stat. 2001; Pub. L. 109–356, title I, § 123(a)(1), , 120 Stat. 2028.)